Bitmine Immersion Technologies, the crypto vehicle led by Fundstrat co-founder Thomas “Tom” Lee, is approaching roughly 80% of its objective to control 5% of Ethereum’s total supply. Backed by institutional names including ARK’s Cathie Wood, Founders Fund’s Peter Thiel and Pantera, Bitmine’s Ethereum holdings have topped 4.7 million ETH, about 3.9% of circulating supply.
At an ETH price near $2,076, that stake is worth roughly $9.8 billion. Through its MAVAN staking platform, launched on March 25, Bitmine has staked around 3.1 million ETH, producing about $177 million in annualized yield at an approximate 2.8% rate. The firm’s broader crypto and equity exposure includes 197 Bitcoin, about $102 million in Eightco Holdings (ORBS) shares and roughly $200 million in Beast Industries.
Bitmine says its pace of ETH accumulation has increased, with weekly purchases running above earlier averages, and that the company has continued to build its position despite recent market volatility. Last week Ethereum fell alongside a wider market downturn driven in part by geopolitical uncertainty.
Lee pointed out that crypto — and ETH in particular — has held up relatively well amid geopolitical tensions compared with traditional stores of value such as gold. He added that the inverse correlation between crypto (and equities) and oil has risen to the highest levels seen in the past year, arguing that higher oil creates a headwind for equities and crypto until markets feel more certain about oil’s path. “In a sense, the crypto winter likely ends when the upside risk to oil prices peaks,” he said.
Bitmine’s base case is that ETH is in the final stages of a mini-crypto winter. If the current accumulation rate continues, the firm could reach its 5% target well before mid-2026.
Ethereum remains down roughly 30% year-to-date and is on track to finish the first quarter of 2026 with losses, even as corporate and whale wallets have been net buyers.
Disclosure: This article was edited by Vivian Nguyen. For more information on our editorial process, see our Editorial Policy.